Sampling Error Assumes Random Sampling and Is Influenced by Sample

question 56

True/False

Sampling error assumes random sampling and is influenced by sample size and the diversity of cases in the sample.

---

Definitions:

Predetermined Overhead Rate

An estimated overhead cost rate used in cost accounting to allocate overhead expenses to products or job orders.

Direct Labor Costs

Compensation and perks given to workers directly engaged in creating products or services.

Fixed Overhead

Regular, unchanged costs associated with operating a business, such as rent and salaries, irrespective of production levels.

Work in Process

Goods that are in various stages of completion in the manufacturing process but are not yet finished products.